This session will explore the rise of AI-powered chatbots like ChatGPT, diving into their potential benefits and pitfalls. This includes many current unknowns such as their economic impact, issues with accuracy, intellectual property concerns, and the unprecedented nature of human-chatbot interactions. The talk will also dissect hype around the concepts of responsible AI, AI safety, and alignment, ultimately discussing risks tied to generative AI–both those intentional (e.g., influence campaigns, deepfakes) and unintentional (e.g., bias, overreliance)–and hidden costs associated with the development and deployment such large language models.